Mineral or Royalty income

[bigxiiump33]

I receive small amounts of mineral income from property I do not own (but use to own 7-8 years ago).  I kept the mineral rights.  I received revenue total for the year $81.34.  The oil company that sends the checks does not send it on a tax form, only a total and a small deduction.  It's not on a 1099 and I don't know where to include this small amount of income.  How do I report this income on TT?

[Carl]

It gets reported on SCH E. Pay attention when working through the Rental & Royalty Income section of the program. By default, "RENTAL" is selected. Make sure you change it by selecting the option to identify the income as ROYALTY income.

You will be asked for an address of the property. The fact you don't own the property is irrelevant. Just enter the address if the property has an address. If it doesn't have an address, then there's nothing wrong with using the address of the check issuer.

[PattiF]

This income would be reported on a Schedule E as Royalty income.

1. Go to the Your income and expenses section
2. Click the Start button next to Rental Properties and Royalties (Sch E) under Rentals, Royalties and Farm
3. Did you have any income from rentals or royalties? Click Yes
4. Indicate that you are not a real estate professional by checking the bottom box.
5. What are you here to report? Choose Royalty and continue
6. Enter the information about the oil company that sent the check and Continue
7. Indicate who owns this income 
8. What type of royalty income is this? Choose Oil and gas income and Continue
9. Follow the prompts to the Let's enter the income for royalty, indicate Cash, checks ... and Continue
10. Enter amount and continue with the rest of tax return

[brkirchh]

WHY IS THE AMOUNT OF TAXES HELD OUT ON MY 1099 MISC DIFFERENT FROM THE AMOUNT I GET WHEN I ADD TAXES WITHHELD FOR EACH CHECK STUB.  IT IS 1/2  ON THE 1099 MISC AS WHAT THEY HELD OUT OF EACH CHECK

[DawnC]

It might be an error on your 1099-MISC.  Contact the issuer to ensure the form is correct.   The amount (usually in box 3) should be for the gross amount paid to you in 2021 by the client/issuer.  Box 4 should have the total of all FEDERAL income tax withheld by the issuer.    

They issuer may be withholding taxes for federal (IRS) and your state.   Amounts withheld for state taxes will be in Box 16 of Form 1099-MISC.   These are not the same as the taxes in Box 4.

@brkirchh